Round Rock/Georgetown Drives Austin Demand in 2nd Quarter
The Round Rock/Georgetown submarket drove absorption in the Austin apartment market during 2nd quarter 2023 with demand for 1,058 units, according to data from RealPage Market Analytics. Those units accounted for nearly 36% of 2nd quarter demand in Austin (2,949 units). In fact, three northern suburbs generated about 70% of absorption in Austin during the quarter: Round Rock/Georgetown (35.9%), Pflugerville/Wells Branch (19.7%) and Cedar Park (14.8%). On an annual basis, Round Rock/Georgetown also led the market with demand for 2,125 units in the year-ending 2nd quarter 2023, or 47.3%. A suburb about 15 miles north of downtown Austin, Round Rock/Georgetown is home to companies like Dell, Emerson Automation Solutions and AirBorn. Austin, the Texas state capital, ranked seventh overall for demand across the nation’s 150 apartment markets and was one of the 114 markets with positive demand in 2023’s 2nd quarter. A tailwind for demand, job growth in the Austin-Round Rock market has been explosive since the pandemic. In June, employment in Austin sat roughly 184,600 jobs or about 16% above the pre-pandemic level from February 2020.